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Northern sheds cakes and pastry Northern sheds cakes and pastry
(10 minutes later)
Northern Foods is to sell its bread, pastry, cakes and flour businesses to Vision Capital for £160m ($304m).Northern Foods is to sell its bread, pastry, cakes and flour businesses to Vision Capital for £160m ($304m).
Along with the previous sale of NFT Distribution, it will mean 9,000 of its 20,200 staff moving out of the firm.Along with the previous sale of NFT Distribution, it will mean 9,000 of its 20,200 staff moving out of the firm.
The sale will affect plants in Bath, London, Sheffield, Manchester, Worksop, Langley Mill, Nottingham, Holbeach in Lincolnshire, and Shrewsbury.The sale will affect plants in Bath, London, Sheffield, Manchester, Worksop, Langley Mill, Nottingham, Holbeach in Lincolnshire, and Shrewsbury.
Northern makes own-label goods for food retailers, and branded foods such as Fox's Biscuits and Goodfella's pizza Northern makes own-label goods for food retailers, and branded foods such as Fox's Biscuits and Goodfella's pizza.
The proposed sale to Vision covers Fletchers Bakeries, Chilled Pastry, Park Cake Bakeries and Smiths Flour Mills.The proposed sale to Vision covers Fletchers Bakeries, Chilled Pastry, Park Cake Bakeries and Smiths Flour Mills.
Leeds-based Northern said the move will allow it to concentrate on its five core categories of pizzas, biscuits, ready meals, sandwiches and salads.Leeds-based Northern said the move will allow it to concentrate on its five core categories of pizzas, biscuits, ready meals, sandwiches and salads.
"This disposal, together with the sale of NFT, completes our divestment programme in line with the objectives we set out in our business review on 31 May," said Northern chief executive Pat O'Driscoll."This disposal, together with the sale of NFT, completes our divestment programme in line with the objectives we set out in our business review on 31 May," said Northern chief executive Pat O'Driscoll.